Stock Market Today: Financial Stocks Help Sensex, Nifty Resume Weekly Rally

The NSE Nifty 50 and BSE Sensex ended Friday's session in loss as Reliance Industries Ltd., and ITC Ltd. declined. However, the benchmarks recorded most weekly gains since June end.

The Nifty 50 ended 32.40 points or 0.13% lower at 25,356.50, and the BSE Sensex settled 71.77 points or 0.09% lower at 82,890.94.

Intraday, the Nifty 50 index declined as much as 0.38% to 25,292.45, and the Sensex fell 0.37% to 82,653.22.

On Thursday, the benchmarks posted fresh high during the second half of the session.

"For short term now, 25,225-25,000/82,500-82,000  would be the key support zones while 25,500-25,700/83,500-84,000 would be the crucial resistance areas for the bulls. However, below 25,000/82,000 uptrend would be vulnerable," said Amol Athawale, vice president, technical research, Kotak Securities.

For NSE Nifty Bank as long as it is trading above 50-day simple moving average or 51,350  the bullish formation is likely to continue. On the higher side, it could move up to 52,250-52,700. On the other side, below 50-day SMA or 51,350 traders may prefer to exit out from the trading long positions, Athawale added.          

The NSE Nifty 50 ended with 2.03% gain, and the BSE Sensex ended with 2.10% rise, marking their biggest gain since the week ended in June 30.

ITC Ltd., Reliance Industries Ltd., Bharti Airtel Ltd., Infosys Ltd., and ICICI Bank Ltd. weighed on the NSE Nifty 50 index.

Bajaj Finance Ltd., Axis Bank Ltd., Wipro Ltd., Bajaj Finserve Ltd., and Tata Steel Ltd. limited losses in the benchmark.

In the week ended on Sept 13, 11 sectors ended higher, and one declined out of 12. The NSE Nifty FMCG rose the most, and the NSE Nifty Oil and Gas declined the most.

Broader indices outperformed. BSE Midcap ended 0.48% higher and BSE Smallcap closed 0.95% higher.

Seven of the 20 sectoral indices on the BSE ended lower and 13 rose. BSE Realty rose the most.

Market breadth was skewed in the favour of buyers. As many as 2,483 stocks rose, 1,473 fell, and 111 remained unchanged on the BSE.

Rupee strengthened by seven paise to close at 83.90 against the US dollar. It closed at 83.97 on Thursday.

Source: Bloomberg

• The NSE Nifty 50 and BSE Sensex recouped weekly losses in the week ended on Sept 13. 

• The NSE Nifty 50 and Sensex ended lower tracking losses in ITC Ltd., and Reliance Industries Ltd.

• The Nifty 50 moved in 138.05-point range, and the Sensex moved in 439.71 points. 

• The NSE Nifty IT rose 0.97% to a life-time high of 43,571.65. Wipro Ltd., Infosys Ltd. were top leader in the index.

• The NSE Nifty Pharma rose 0.28% to a fresh high of 23,495.65. Sanofi Consumer Healthcare India Ltd., and Mankind Pharma Ltd. were top leader in the index. 

• The NSE Nifty FMCG rose 0.16% to a fresh high of 65,616.25. Varun Beverages Ltd., and Nestle India Ltd. contributed the most. 

• The NSE Nifty 150 Midcap index rose 0.88% to a fresh high of 22,241.45. IDBI Bank Ltd., Linde India Ltd. were the top gainers in the index. It ended 0.65% higher at 22,190.35.

• The NSE Smallcap 250 index ended 0.88% higher at 18,543.15.

Thermax Ltd. has signed a pact with Thermax Babcock and Wilcox Energy Solutions Ltd. for Rs 250 crore loan. The company will avail the loan in one or more tranches from its wholly-owned subsidiary, it said in an exchange filing Friday.

Mahindra & Mahindra Financial Services Ltd. has approved to expand into mortgage business, the company said in the exchange filing. As part of the expansion plan, Mahindra & Mahindra Financial Services will provide housing finance, top-up loans, lease, rental discounting, construction finance, and more.